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The management consulting industry hasn’t escaped controversy, that’s for sure. As the spotlight was placed squarely on State Capture and other high profile corruption cases, some of the biggest names in the business came up. The same can be said for the auditing industry.
Of course, the bad apples in the industry are thankfully a very small minority. Management consultants are typically highly skilled, hardworking individuals who become specialists in areas like strategy, change management and efficiency projects.
Demand for digital transformation has created opportunities for the consulting industry, as project-based work is where these businesses thrive. The principle is that executives hire a team of experts for a limited time, taking advantage of the consulting firm’s extensive experience in these types of projects. Of course, this comes at a hefty cost.
Although this can be a lucrative space, it is highly competitive and barriers to entry are low. Retaining staff becomes difficult and expensive, particularly in a brain drain environment of skilled consultants – those who stay behind become increasingly valuable.
Still, the knowledge economy offers numerous opportunities for companies and individuals alike, with Who Owns Whom noting that increased use of freelancers is opening up opportunities for smaller firms.